Thunderbird Entertainment Group Addresses False Statements Made by Hedge Fund Voss Capital, LLC and Confirms Annual Meeting Will Be Held in Early 2023

Thunderbird Entertainment Group Inc. (TSXV: TBRD, OTCQX: THBRF) (“Thunderbird” or the “Company”) is correcting the record today regarding false statements made by Texas-based hedge fund Voss Capital, LLC (“Voss”) in its most recent press release. Thunderbird also announced that it will hold its annual general meeting of shareholders (the “Meeting”) in the first quarter of 2023.

Voss’s ambush

Voss has opted to initiate an ambush proxy fight, announcing on the last permitted day that it will nominate a competing slate of directors for election to replace Thunderbird’s entire board of directors (the “Board”) at the Meeting. That calculated tactic left the Company with no choice but to defer the Meeting, which was originally scheduled for December 6, 2022.

The deferral will allow the Company to thoroughly research and report on the credentials, including the specific work and public company board experience and track record, of each of the individuals nominated by Voss. It will also provide the time needed for Thunderbird to amend its information circular to ensure that shareholders have all of the information necessary to allow them to assess the merits and qualifications of all nominees when deciding whom they will trust to run the Company going forward.

Thunderbird’s strategy works

Contrary to assertions by Voss, Thunderbird is executing on its strategic plan and is creating long-term value. Thunderbird believes this proxy fight is a waste of time, energy and resources. It risks putting in jeopardy all of the hard work and success that the Company has achieved.

As an example of success, Thunderbird’s revenue grew 34% in the fiscal year ended June 30, 2022, from a year earlier, in a year when its peers languished. From fiscal 2020 through year end 2022, revenue increased 83% and earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 30%. The Company has no debt and its growth is purely organic. 

With a full slate of premium programming developed, produced and delivered on time and on budget, Thunderbird has strong relationships with key North American and international broadcasters, distributors and major global digital platforms and has built an award-winning team with a focus on creativity and culture, many who have played key roles in some of the largest and most successful entertainment companies in the world.